CIPLA:

CIPLA closed the week on absolutely flat note.

As we have mentioned last week that resistance for the stock lies in the zone of 650 where short term moving averages and upward sloping trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 665 where 100 & 200 Daily SMA are positioned. During the week the stock manages to hit a high of 648 and retraced to close the week around the levels of 643.

Support for the stock lies in the zone of 630 where the stock has minor support. If the stock manages to close below this levels then the stock can drift to the levels of 615 where trend-line support for the stock is positioned.

Resistance for the stock lies in the zone of 650 where short term moving averages and upward sloping trend-line resistance for the stock is positioned. If the stock closes above this levels then the stock can move to the levels of 665 where 100 & 200 Daily SMA are positioned. The stock has formed a Bullish engulfing pattern on weekly charts in a downtrend indicating the trend reversal.

Broad range for the stock is seen in the range of 625 – 630 on downside to 660 – 665 on upside.